China's Reserve-Building May Lift Crude

Taking advantage of lower oil prices, China has redoubled efforts to stock its strategic petroleum reserve, raising the prospects of higher prices and increased competition with the U.S.

The amount of oil China has accumulated is relatively modest -- 24 million barrels -- compared with 691 million barrels held in the U.S. reserve. The rate at which its stockpile is being filled has soared in the past three months to more than 200,000 barrels a day from about 70,000 barrels a day at the time of its launch in August, as...